Silver rebounds Rs 1,300, gold at Rs 1.50 lakh ahead of US Fed decision, Iran conflict uncertainty. Key levels for today

Gold and silver prices opened marginally higher on the Multi Commodity Exchange of India on Wednesday as investors awaited comments from U.S. Federal Reserve Chair Jerome Powell for clues on how the Iran conflict could affect the economy amid stalled peace negotiations.

Markets widely expect the Federal Reserve to keep interest rates unchanged at the conclusion of its two-day policy meeting later in the day. Efforts to resolve the Iran conflict remain deadlocked, with U.S. President Donald Trump expressing dissatisfaction with Tehran’s latest proposal.

In the domestic market, MCX silver futures for May 2026 delivery gained Rs 1,258 or 0.5%, to Rs 2,38,018 per kg. Gold futures for June 2026 delivery were little changed at Rs 1,50,096 per 10 grams. In the previous session, precious metals ended the session flat.


Oil remained above $110, raising inflation fears, which in turn increases the likelihood of higher interest rates. Although gold is traditionally seen as a hedge against inflation, higher interest rates reduce its appeal by making yield-bearing assets more attractive.

Globally, yellow metal prices held steady. Spot gold was up 0.1% at $4,597.07 per ounce after slipping to its lowest level since April 2 in the previous session. Among other precious metals, spot silver rose 0.8% to $73.64 per ounce, while platinum fell 0.4% to $1,930 per ounce.

How should you trade gold?

Manoj Kumar Jain of Prithvi Finmart said precious metals are witnessing very high price volatility, and silver could face strong resistance at $78.00 per troy ounce, while gold may see resistance at $4,740.00 per troy ounce this week.

He expects gold and silver prices to remain volatile amid swings in the dollar index, fluctuations in crude oil prices, the outcome of the Fed meeting and uncertainty around the US-Iran peace deal.

According to him, gold has support at $4,574-$4,540, while resistance is placed at $4,640-$4,681 per troy ounce. Silver has support at $71.40-$69.80, while resistance is seen at $75.00-$76.60 per troy ounce in today’s session.

On MCX, gold has support at Rs 1,49,200-Rs 1,48,400 and resistance at Rs 1,51,100-Rs 1,52,200. Silver has support at Rs 2,34,400-Rs 2,31,000 and resistance at Rs 2,41,000-Rs 2,44,400.

He added that gold and silver prices broke key support levels yesterday, and advised avoiding fresh long positions in both metals until there is clarity on the Fed meeting outcome and US-Iran peace talks.

Gold, Silver rates today, 29 April, across major cities

Gold price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,10,792/8 grams, while pure gold (24 carat) prices stand at Rs 1,20,856/8 grams.

Gold price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,10,672/8 grams, while pure gold (24 carat) prices stand at Rs 1,20,736/8 grams.

Gold price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,12,792/8 grams, while pure gold (24 carat) prices stand at Rs 1,23,048/8 grams.

Gold price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,10,672/8 grams, while pure gold (24 carat) prices stand at Rs 1,20,736/8 grams.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)